|
| Oriental Green power files DRHP |
| T E Narasimhan / Chennai Apr 26, 2010, 00:59 IST |
|
Orient Green Power Company Ltd (OGPL), an associate company of Shriram EPC Ltd, has filed its draft red herring prospectus (DRHP)with the Securities and Exchange Board of India (Sebi).
The company is planning to raise around Rs 800 crore to support its Rs 4,000 crore investment plan. OGP would become the first renewable energy company to go public.
OGPL is engaged in electricity generation from renewable sources and operates projects worth 193.1 Mw. The company aims to expand this to 1,000 Mw in three years.
“To support the investment, the company would require around Rs 1,200 crore of equity,” said a source close to the development. The company is looking at diluting up to 20 per cent stake in OGP.
The bankers to the issue are JM Financial, Goldman Sachs, UBS Securities and Axis Bank Ltd.
Shriram EPC holds 35.8 per cent in OGPL while the rest is held by two private equity investors — Bessmer Venture Partners and Olympus Capital.
Of the proposed 1,000 Mw, 600 Mw will be wind, including 150 Mw from eastern Europe, and the remaining from bio-mass and others. The company has joined hands with Dutch firm Leitwind BV to develop the projects across eastern Europe, including Bulgaria, Croatia and the Czech Republic, and Italy.
The company, as of December 31, 2009, had an installed capacity of 40.5 Mw of biomass power projects in operation, 74 Mw under construction and 187 Mw under advanced development.
On the other hand, it had 134 Mw of wind projects in operations in India. The next phase of growth will come from greenfield development in Tamil Nadu and Karnataka with an aggregate capacity of 300 Mw, according to the information available on its website.
The company is also implementing a small hydel plant with 15 Mw capacity in Orissa in a joint venture with Pallavi Power and Mines Limited. The site for the project has been identified and land acquisition is in progress.
Orient Green Power was formed as a joint venture between Shriram EPC and Bessmer Venture Partners in 2006, with both the firms pooling in $20 million in equity capital. It was followed by another round of $55 million in private equity funding led by Olympus Capital, which invested from its $250 million Asia Environmental Partners.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
